Technology: Page 11
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Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze
Paze targets nationwide coverage by year-end shopping season
The big bank-backed digital wallet is now accepted by about 80,000 “primarily small” merchants, according to James Anderson, managing director at Early Warning Services.
By James Pothen • May 28, 2024 -
Permission granted by Avenga
Sponsored by AvengaProper data preparation for AI in financial organizations
The proliferation of different types of AI is profoundly impacting the financial industry. According to The Financial Brand, banks leveraging AI technologies are expected to save a staggering $1 trillion by 2030.
By Olena Domanska, Data Science Engineering Manager at Avenga • May 28, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Courtesy of Comerica
Comerica slapped with OCC enforcement action
The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.
By Caitlin Mullen • May 24, 2024 -
Permission granted by Varo Bank
Varo Bank faces lawsuit over March data breach
The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers.
By Rajashree Chakravarty • May 22, 2024 -
Mario Tama via Getty Images
Citi fined $78.4M over 2022 flash crash error
A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.
By Dan Ennis • May 22, 2024 -
Kevin Dietsch via Getty Images
CFPB to treat BNPL loans like credit cards
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
By James Pothen • May 21, 2024 -
Michael M. Santiago via Getty Images
Goldman exec Mintzberg named next Grayscale CEO
Peter Mintzberg adds his name to a growing list of Goldman departures. He is set to join the crypto asset manager Aug. 15.
By Dan Ennis • May 20, 2024 -
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Customer satisfaction with online-only banks dwindles, study finds
Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.
By Rajashree Chakravarty • May 15, 2024 -
Creative via Getty Images
Kabbage to pay $120M in PPP fraud settlements with DOJ
The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.
By Caitlin Mullen • May 14, 2024 -
Natee K Jindakum,/Shutterstock.com
Sponsored by PerformLineWhy banks can’t risk manual marketing compliance in today’s regulatory environment
How banks can avoid regulatory headaches and drive growth with automated marketing compliance.
May 13, 2024 -
Natalie Meepian via Getty Images
TabaPay calls off deal with Synapse
TabaPay sent Synapse a termination notice of the transaction Thursday, “based on failure to meet the purchase agreement closing conditions,” a TabaPay spokesperson said.
By Rajashree Chakravarty • May 10, 2024 -
Chip Somodevilla via Getty Images
Upstart subpoenaed by SEC over AI, loans
“We are cooperating with the SEC and are unable to predict the outcome of this matter,” the fintech lender said in a filing Tuesday.
By Rajashree Chakravarty • May 9, 2024 -
Leon Neal / Staff via Getty Images
FTX to repay customers more than they lost
The collapsed cryptocurrency exchange, which owes creditors about $11.2 billion, has between $14.5 billion and $16.3 billion available to distribute to them.
By Caitlin Mullen • May 9, 2024 -
Permission granted by Fifth Third
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
By Rajashree Chakravarty • May 8, 2024 -
Chip Somodevilla via Getty Images
Chime dinged by CFPB for delayed customer refunds
“When Chime discovered the issue, we worked with our vendor to resolve the error and issued refunds to impacted consumers,” a Chime spokesman said, adding that most issues occurred in 2020 and 2021.
By Gabrielle Saulsbery • May 7, 2024 -
Spencer Platt / Staff via Getty Images
Robinhood may face SEC lawsuit over crypto unit
In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.
By Dan Ennis • May 7, 2024 -
SDI Productions via Getty Images
Sponsored by FedEx Office4 reasons banks should focus on print to enhance customer experience
Though a distant memory for many banking customers, the pandemic's significant effect — shifting away from physical bank visits is fading fast.
May 6, 2024 -
Gorodenkoff/Shutterstock.com. Licensed by Arian Fernandez De La Vega.
Sponsored by CallMiner4 financial services CX trends to watch for 2024
Discover 2024's CX trends in finance: AI, EX focus and data synergy.
May 6, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
Justin Sullivan via Getty Images
SVB to sell venture-capital arm to investment firm Pinegrove
SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.
By Caitlin Mullen • May 3, 2024 -
Permission granted by Ansa
Ansa snags $14M mainly from female investors
The fintech, which helps merchants cut down on payment fees and drive loyalty with its white-labeled wallets, will use the cash to drive team growth and product development.
By Gabrielle Saulsbery • May 1, 2024 -
Permission granted by TD Bank
TD sets aside $450M for AML penalties
The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.
By Dan Ennis • May 1, 2024 -
Permission granted by Stripe
Stripe unbundles services as industry shifts
The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.
By James Pothen • May 1, 2024 -
David Ryder via Getty Images
Binance founder Changpeng Zhao gets 4 months in prison
The ex-crypto boss pleaded guilty in November to violating anti-money laundering law. The sentence is less than the 12 to 18 months suggested by guidelines, and the three years the DOJ was hoping for.
By Gabrielle Saulsbery • April 30, 2024 -
CFO Editorial Staff
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
By James Pothen , Lynne Marek • April 29, 2024
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